Guyana achieves milestone: World’s first CORSIA-eligible credits for sale to airlines

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

Guyana has made history by becoming the first country to receive CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation)-eligible credits for airlines, a significant achievement in global efforts to combat climate change. 

According to a release from the Guyana government, the announcement was made as the Architecture for REDD+ Transactions (ART) issued 7.14 million 2021 vintage carbon credits to the South American nation. The country concurrently revealed the world’s inaugural Paris Agreement corresponding adjustment, meeting the criteria set by the United Nations Framework Convention on Climate Change (UNFCCC).

The issued credits, known as TREES (Tropical Forests for Climate, Resilience, and Environmental Sustainability), were granted by ART for Guyana’s successful initiatives in reducing emissions from forest loss and degradation. The credits, authorized for various compliance and voluntary purposes under Article 6 of the Paris Agreement, are now recognized as CORSIA-eligible for airlines’ use in the program’s first phase from 2024 to 2026.

Guyana sets record with 500 projects in a year funded by carbon credits – VP Jagdeo | OilNOW

Guyana’s move comes as a response to the International Civil Aviation Organization’s (ICAO) CORSIA, with 126 countries voluntarily participating in its initial phase, covering approximately 80% of annual aviation emissions. Airlines are required to monitor and report emissions, offsetting any excess emissions with carbon credits. Guyana’s ICAO-eligible credits hold significance as they contribute to the potential 100-200 million credits needed for CORSIA’s first phase.

Vice President Bharrat Jagdeo commented on the significance of the achievement, stating, “Guyana’s CORSIA-eligible issuance marks the latest milestone in a journey that we began in 2009 when we set out a vision for forging a low carbon economy in Guyana.” The credits are expected to have various uses, including meeting Nationally Determined Contributions (NDCs) and aiding airlines in reaching CORSIA targets.

Guyana will be carbon negative even when producing oil at 1.5 million b/d – Jagdeo | OilNOW

The credits, labeled as “CORSIA Eligible” on ART’s public registry, have undergone rigorous validation and verification by Aster Global Environmental Services, Inc. 

The government said Guyana’s commitment to environmental conservation aligns with its Low Carbon Development Strategy (LCDS), aiming to protect its extensive forests and invest in sustainable development. Indigenous communities, consulted during the LCDS development, are benefitting from the carbon credit sales, with revenues earmarked for community-led projects and broader development priorities. 

- ADVERTISEMENT -
spot_img

Partnered Events

Latest News

‘Guyana Brand’ now more powerful than ever – Ali

In his address at the opening of the April 16 Local Content Summit in Georgetown, President of Guyana, Dr....

More Articles Like This